If a copy of a spell is returned to its owner's hand, it's moved there, then it will cease to exist as a state-based action. It can't be recast.
Venser, Shaper Savant
If Venser's triggered ability targets a spell cast with flashback, that spell will be exiled instead of returning to its owner's hand.
If a spell is returned to its owner's hand, it's removed from the stack and thus will not resolve. The spell isn't countered; it just no longer exists. This works even against a spell that can't be countered.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Yoshitaka Amano
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